TL;DR:
- Kalshi surpassed $5.5 billion in traded volume with its perpetual futures in just about two weeks since launch.
- The CFTC approved the BTCPERP contract on May 29, 2025, making it the first regulated perpetual for U.S. traders.
- The platform lists 11 crypto contracts and is negotiating with regulators to expand perpetuals into other asset classes.
Kalshi recorded more than $5.5 billion in trading volume with its perpetual futures in just two weeks since launch, according to data from Bloomberg. The first week alone set a record: contracts surpassed $1 billion in notional volume in seven days, driven in part by bets on the FIFA World Cup and the NBA Finals.
The platform currently lists 11 perpetual contracts, all linked to crypto assets, with zero trading fees during the initial launch window to incentivize liquidity formation. Perpetual futures are derivatives that, unlike traditional contracts, have no expiration date and use a periodic funding rate to keep the price aligned with the underlying asset.
After July 1, firms without authorization can’t keep serving EU clients. Users shouldn’t be left scrambling because a platform is still waiting on approval.
BitGo Europe is already MiCA-licensed through BaFin and built to support regulated custody, transfer, staking, and trading… https://t.co/WljDU3tJP5
— Mike Belshe (@mikebelshe) June 16, 2026
Preserving the Local Market
What sets Kalshi’s offering apart from offshore platforms is its regulatory backing. The Commodity Futures Trading Commission (CFTC) approved the BTCPERP contract on May 29 — a perpetual linked to the spot price of bitcoin — which went live on June 3. It is the first instrument of this kind enabled for U.S. traders, and the CFTC itself described it as a historic step toward bringing one of the most liquid derivatives in cryptocurrencies to the local market.
For a company built on binary event contracts — bets on elections, economic data and sports outcomes — this represents a pivot toward leveraged derivatives, positioning Kalshi against native crypto ecosystem giants and offering U.S. users a local alternative they previously had to seek on foreign exchanges.
Kalshi Eyes Beyond Cryptocurrencies
The platform confirmed it is negotiating with regulators the extension of perpetual futures into other asset classes, a roadmap that would put it in direct competition with established venues for commodities and equity derivatives. Additionally, Kalshi recently surpassed Polymarket in monthly taker volume, while the rival platform announced its own plans for perpetual futures in the U.S. market.
On another front: Kalshi sued the state of Minnesota to block a criminal ban on prediction markets, and the CFTC defended its jurisdiction in a parallel case in Massachusetts. The resolution of those disputes will determine how far and how quickly the platform can capitalize on its initial $5.5 billion advantage in new markets.
